At markets it comes out today Greek State with the 10-year reissue seeking to raise €200 million.

As announced by the Public Debt Management Organization, today, an Auction will be held for the reissue of Greek Government Bonds, with a fixed interest rate of 4.25%, maturing on June 15, 2033, in intangible form. 

The purpose of the reissuance is to satisfy investment demand and at the same time to facilitate the functioning of the secondary bond market. 

The amount to be auctioned will be up to 200 million euros and the settlement date will be Wednesday, November 22, 2023. Only Primary Dealers (ND) will participate in the auction by submitting, through HDAT, exclusively up to 5 competitive bids each, which must be submitted by 12:00 noon (pm), local time, on the 15th November 2023.

However, the climate in the secondary market is positive with the yield of the 10-year bond having once again fallen below 4% after the favorable report of the International Monetary Fund. 

The IMF points out, among other things, that growth-friendly fiscal consolidation can further strengthen public debt sustainability. Thus, despite the high level of Public Debt, continued fiscal convergence, with the primary surplus increasing to 2.1% of GDP in 2024, from the projected 1.1% in 2023, would help reduce the debt-to-GDP ratio, limiting at the same time the additional pressures on inflation.